Gov Sanwo-Olu lauds NOVA Bank over commercial branch launch

In a dazzling display of confidence in Lagos’ business landscape, Governor Babajide Sanwo-Olu has lavishly praised NOVA Bank Limited’s leadership for inaugurating their groundbreaking new business office on Victoria Island.

At Tuesday’s star-studded commissioning ceremony, Sanwo-Olu lauded the bank’s resilience and investor confidence amidst Nigeria’s economic challenges, underscoring Lagos as a thriving business haven.

“We must applaud them. We must motivate them,” Sanwo-Olu declared. “The NOVA team had the option to relocate or stay in merchant banking. Instead, they chose to expand, investing significant resources to stay competitive and impactful.”

Representing the Lagos State government, Sanwo-Olu expressed his excitement over this significant milestone and commended NOVA Bank’s multi-talented team.

He gave special thanks to Board Chairman Philip Oduoza for his pivotal role in enhancing state security, as a one time member of Lagos State security Trust Fund, citing a remarkable absence of bank robberies in recent years.

Sanwo-Olu pledged ongoing government support to create an enabling environment for businesses to thrive.

With the opening of its first commercial banking branch in Victoria Island, NOVA Bank has transitioned to a National Commercial Bank, backed by the Central Bank of Nigeria’s final license approval.

Chairman and founder Phillips Oduoza expressed elation over the bank’s new chapter, highlighting its successful leap from wholesale to retail banking.

“This is a dream realized. We have thrived in merchant banking, and now we are bringing our excellence to the retail market, impacting far more people,” Oduoza enthused.

He spotlighted the bank’s innovative ‘PHYGITAL’ model, blending physical and digital services for unparalleled customer convenience.

Oduoza emphasized the bank’s commitment to job creation and economic stabilisation under President Bola Ahmed Tinubu’s administration. He also reassured of shareholders’ commitment towards meeting the N500 billion banking sector recapitalization requirements through robust capital-raising initiatives.

Managing Director/CEO NOVA Bank Limited Wale Oyedeji boasted of the Bank’s top-tier talent and cutting-edge technology as it continues investing in industry-leading core banking software.

“We’re merging advanced technologies to serve the retail and SME sectors while staying true to our roots as a premier merchant bank,” Oyedeji stated.

NOVA Bank, established in 2018, is poised for expansion with additional branches set to open in Lagos, Abuja, Port Harcourt, and Kano, solidifying its status as a banking powerhouse.